Aboitiz Power Corp. has sold two mothballed power barges to Iloilo-based utility More Electric and Power Corp. (MORE Power), transferring ownership and operational control as the power sector continues to reshape its generation assets.
AboitizPower said its subsidiary Therma Mobile Inc. (TMO) completed the sale of its Bunker C-fired Mobile 4 and Mobile 6 barges on Oct. 2. Both units are located at the Navotas Fishport Complex in Navotas City, Metro Manila.
The two barges have been mothballed since Feb. 14, 2025, following a Department of Energy confirmation allowing the units to be placed under mothball status.
TMO and MORE Power are coordinating the transfer to ensure the barges meet grid and regulatory requirements, AboitizPower said.
The companies have notified the relevant agencies and market participants, including the DOE, Independent Electricity Market Operator of the Philippines, National Grid Corp. of the Philippines, and Energy Regulatory Commission.
The transaction leaves TMO with two other oil-fired power barges, Mobile 3 and Mobile 5, whose operations will continue and remain unaffected by the sale.
The disposal of Mobile 4 and Mobile 6 effectively narrows TMO’s operating fleet after the two units spent more than a year on the sidelines. For MORE Power, meanwhile, the acquisition adds two power-generation assets to its portfolio, although the barges’ previous mothballed status means their operational role will depend on the company’s plans and regulatory clearances.
TMO is held by AboitizPower through Therma Power Inc., the company’s holding vehicle for its thermal energy investments.
The transaction comes as Philippine power companies continue to balance generation capacity, fuel costs, regulatory requirements, and the changing economics of older thermal assets.
For AboitizPower, the sale also marks another adjustment to a thermal portfolio that includes coal, oil, and other generation technologies as the company manages its assets amid the country’s evolving power mix.
